SCHEDULE 1Transitional Provisions and Savings

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1

This paragraph applies in the case of an existing fund which—

a

makes a successful application under paragraph 3 to continue to be treated as a distributing fund after 1st December 2009, and

b

becomes a reporting fund immediately following the end of the overlap period or the succeeding period.

2

For the purposes of regulations 17 and 99 the fund is treated as a reporting fund for the entirety of a continuous period—

a

beginning with the day the fund becomes a distributing fund, and

b

ending on the last day of the overlap period or the succeeding period (as the case may be).

3

If for any part of the period specified in sub-paragraph (2) the fund is not a distributing fund, the period is not continuous for the purposes of that sub-paragraph.